ShapeShift DAO, a non-custodial cryptocurrency platform, has revealed plans to auction off an NFT product to benefit female artists. The NFT product, “Block 495559—Crypto Kitties and the Great Hairball in the Tubes,” is a one-of-a-kind NFT made in collaboration with GrayMachine, ShapeShift DAO’s director of creative services, and LunaHawk, a popular female photographer and digital artist.
From April 4 to April 11, the NFT will be auctioned on OpenSea. It was minted on the Ethereum mainnet and will include custom, animal-themed digital art depicting the history of cryptocurrencies through various anime themes.
Non Fungible tokens (NFTs) have emerged as one of the most popular applications of blockchain technology, generating billions of dollars in revenue through 2021. The NFT’s launch will provide significant support to female artists, a demographic that has been underrepresented in the burgeoning digital economy.
GrayMachine stated that the NFT collection will mark the beginning of a new era, as it plans to release other NFT series in the next weeks or months.
ShapeShift DAO has also stated that the project will assist women’s art efforts. According to the site, 10% of the revenues from the NFT sale will be donated to the Women of Crypto Art Fund, a community union that supports women in the digital art field.
ShapeShift began decentralising its structure in July of last year, with the complete open-sourcing of its platform code and the largest airdrop in history.
The Governance Treasury at ShapeShift DAO, as well as its shareholders and staff, were given a three-year vesting timeline at the time. Meanwhile, the NFT market has slowed in comparison to its explosive growth last year. Despite the somewhat quiet industry, the NFT area is still on an upward trajectory as greater worldwide adoption occurs.
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